Overhead costs are the ongoing expenses that support your business but don’t generate revenue.
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Patriot Software's Blog
Claim the Business Loan Interest Tax Deduction to Decrease Your Tax Liability
October 27, 2022Running your small business isn’t cheap. And securing financing to run your business isn’t cheap, either. Taking out business loans can weigh you down with high interest rates. To help offset this expense, you might be able to claim a business loan interest tax deduction. Not all interest expenses are tax deductible. To claim this […]
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Learn How to Calculate Turnover to Help Improve Employee Retention
October 27, 2022All types of businesses experience turnover at some point. And to improve your turnover rate, you must know how to calculate it. Read on to learn how to calculate turnover rates and ways to improve your rate.
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What Is Form 1040?
October 27, 2022If you are an individual earning or receiving income, you likely file an annual income tax return, like Form 1040. What is Form 1040?
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What Is the Best Business Structure for Small Business?
October 27, 2022Structuring your company is one of the first and most impactful decisions you will make when starting your business. But, deciding the best business structure for small business can be a challenge. Before you randomly pick a business structure out of a hat, get to know how each type of entity can affect your small […]
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E-File vs. Paper File: The Advantages and Disadvantages to Consider
October 26, 2022In this digital era, it may seem surprising that there is an option to file a paper tax return. But before you kick the idea of paper filing to the curb, consider the advantages and disadvantages of e-File vs. paper file below.
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6 Steps to Creating Your Credit Policy for Small Business
October 26, 2022Limiting your customers’ payment options can mean fewer sales for your business. In addition to accepting cash, checks, and credit cards, you may consider offering credit to customers. If you want to extend credit, create a credit policy for small business.
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Your Go-to Guide for Efficient and Effective Bad Debt Recovery
October 26, 2022When you offer credit to customers, you may need to write off unpaid receivables as bad debts. However, you could end up collecting debts you write off in your accounting books. If this happens, record the money as a bad debt recovery.
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Employee Stock Ownership Plan: How Can It Benefit Your Business?
October 26, 2022As a business owner, you might offer a variety of benefits to your employees, including health insurance and retirement plans. One option you can offer employees is an employee stock ownership plan (ESOP). Along with other benefits, ESOPs are growing in popularity for small businesses. According to the National Center for Employee Ownership (NCEO), as […]
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Do You Know How to Account for an Accrued Bonus?
October 26, 2022Performance-related or annual bonuses reward employees and encourage them to be more productive. Some employers may choose to offer an accrued bonus. Read on to learn about providing an accrued bonus, how to account for bonus accrual, and rules to follow.
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